Confused as to why his executive team did not take their personal growth as seriously as he did his own, I listened to a chief executive outline a plan to tackle this.
“I am going to have each of my direct reports select a one-week executive education programme that is of interest to them,” he announced. “And I am going to go with each one.”
So you plan to spend six weeks away attending programmes chosen by someone else?
His words provoked so many questions, with the top being: how could a chief executive be away from work for six weeks attending programmes? And what would he gain from each?
Then he continued to explain why he knew this was the right action. Half of his executive team was newly appointed, joining in the past year. So he figured spending a week away learning something new together would provide a great opportunity to learn about each other.
Attending side by side would allow them to discuss how they are going to implement what is learnt when they return to headquarters. While I still had questions in my mind, this was beginning to make sense.
Too often leaders send their employees off for training without even knowing the topic of study. And then, even worse, they don’t inquire about what was learnt when the employee returns to work, which usually means very little gets implemented.
Just as his decision is sending a huge message to us in the wider business community, he knew it would make a demonstrable statement in his own company that learning is important.
Sure, there may be other ways to go about accomplishing his goal such as leading his team to prioritise their development. But let’s not become distracted and lose focus on the goal and his challenge to prioritise helping others grow.
He is taking responsibility for others’ personal growth, which is what a father would do and leaders should do.
Speaking of fathers, a few days after listening to this CEO share his plan to make personal growth a priority, a friend shared over lunch what two leading families in Saudi Arabia are doing. I’ve since learnt that other merchant families follow the same practice. These patriarchs are obsessed that their children, grandchildren, nieces and nephews have a passion for personal growth and develop into future business leaders.
I realise this is an extreme example; these families have hired life coaches and invest in bringing world-renowned speakers to shape the next generation. When this was shared with me, it really made me sit back and consider how many leaders actively invest in the next generation of leaders in their business. It would be encouraging to hear of more companies making personal development a priority, even for their existing leaders.
Personal growth is all about self-improvement by undertaking activities that improve your awareness, capability and belief. You could call it building self-efficacy. Who would argue against improving your talent, building on your strengths to increase the chances of you fulfilling your full potential? This idea has worldwide acceptance even though the practice of it does not.
This brings us back to the chief executive’s original concern, when he commented that his leaders were not taking their personal growth seriously enough and making it a priority. If it is so widely accepted, then why aren’t leaders obsessed with it?
Preaching about it from a soapbox in the corridors of the office will have only a minimal impact. The best way to build this culture is to lead by example. What are your personal growth goals and what are you actually doing about it? To make personal development a priority in your team, then you need to be able to answer this. More than answer it, you need to share it with your team.
But this by itself will not be enough. The CEO I have been writing about regularly shares with his team what he is learning. So much so that they even comment he is always reading and trying to grow. Unfortunately good habits do not naturally rub off on others.
As a leader you need to work to help others with their personal growth.
The best way to help someone grow is to grow together. The idea of helping people with their development is at the heartbeat of leadership success.
Tommy Weir is a leadership adviser and author of 10 Tips for Leading in the Middle East and other leadership writings. Follow him on Twitter: @tommyweir
Follow us on Twitter @Ind_Insights
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More from Neighbourhood Watch:
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Results
Stage three:
1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Tom Dumoulin (NED) Jumbo-Visma, at 14s
4. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s
5. Joao Almeida (POR) UAE-Team Emirates, at 22s
6. Mikkel Bjerg (DEN) UAE-Team Emirates, at 24s
General Classification:
1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-13-02
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Jasper Philipsen (BEL) Alpecin Fenix, at 12s
4. Tom Dumoulin (NED) Jumbo-Visma, at 14s
5. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s
6. Joao Almeida (POR) UAE-Team Emirates, at 22s
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
All or Nothing
Amazon Prime
Four stars
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
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BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
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ABU DHABI CARD
5pm: UAE Martyrs Cup (TB) Conditions; Dh90,000; 2,200m
5.30pm: Wathba Stallions Cup (PA) Handicap; Dh70,000; 1,400m
6pm: UAE Matyrs Trophy (PA) Maiden; Dh80,000; 1,600m
6.30pm: Sheikha Fatima bint Mubarak (IFAHR) Apprentice Championship (PA) Prestige; Dh100,000; 1,600m
7pm: Sheikha Fatima bint Mubarak (IFAHR) Ladies World Championship (PA) Prestige; Dh125,000; 1,600m
8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1; Dh5,000,000; 1,600m